Over 1000 housing societies and 10,000 homeowners in Navi Mumbai are set to receive pending occupancy certificates (OCs), conveyance, and society formation No Objection Certificates (NOCs).
Chief Minister Eknath Shinde has directed the City and Industrial Development Corporation (CIDCO) to expedite the process and announced the Abhay Yojana to facilitate the issuance of these certificates. The move aims to provide relief to homeowners and developers while delinking recovery of surplus amounts.
CIDCO has introduced the Abhay Yojana for buildings facing delays in project development within the stipulated construction period. The scheme offers a 50% amnesty on the amount of compensation (Maveja) and additional lease premium (ALP) payable until March 31, 2023.
The government’s decision is expected to benefit numerous stalled projects, and CIDCO is actively encouraging eligible entities to take advantage of the Abhay Yojana.
Developers and industry representatives, including CREDAI-MCHI (Confederation of Real Estate Developers’ Associations of India – Maharashtra Chamber of Housing Industry), have welcomed the government’s proactive measures to resolve long-standing issues.
CREDAI-MCHI played a role in engaging with the government on behalf of developers, leading to the formation of a committee to address the concerns and streamline the process. The real estate industry anticipates a positive impact on project clearances and looks forward to the extension of the deadline beyond March 31, 2024.
This move is expected to facilitate the progress of housing projects in Navi Mumbai and enhance the overall real estate environment in the region.